I went to inquire about opening a new corporate account in a branch of FCMB, I was told all the requirements needed to open a corporate account, which I was already aware of (as this is my second corporate account opening). However, what I was not comfortable with was the fact that I was asked to pay 10,000 naira to facilitate the account opening (I knew this was the standard though). So I decided to ask what the money was meant for, and the customer care agent listed some things which included CAC name search.

The name search according to her was going to cost 4,000 naira. I almost challenged her, but as a gentle man, I just smiled and promised to be back.

So, my question is: Why on earth should customers be charged 4k to conduct a company name search/verification when that information can be freely gotten from CAC's website? This feature has been available on CAC's site for at least a year now.

Are banks deliberately exploiting their clients to extort money for what they can freely verify?

It is just like asking clients to pay in order to verify their drivers license from FRSC's website.

Here is the URL to check if a company is truly registered with CAC.

http://.gov.ng:8080/comsearch/test.php

[url="http://.gov.ng:8080/comsearch/test.php"]Company Name Search[/url]

lalasticlala, can you help me get answers please.

I opened one with Diamond Bank with N10k and they keep sending Debit alert till it remains less than N500.

And tomorrow they will post 200% profit and we clap for them over their supposed good performance.

Real corporate beggers

psucc:
I opened one with Diamond Bank with N10k and they keep sending Debit alert till it remains less than N500.

And tomorrow they will post 200% profit and we clap for them over their supposed good performance.

You can imagine that!

cac search is conducted by law firms who charge the banks. I can reliably confirm to you that the bank doesn't make a dime in search.
Secondly CAC search is not free. Please get your facts right.

Report this fraud to ICPC , CAC and of course

Nutase:
cac search is conducted by law firms who charge the banks. I can reliably confirm to you that the bank doesn't make a dime in search.
Secondly CAC search is not free. Please get your facts right.

Why is CAC search not free? Didn't the registeree (company owner) already pay to be enlisted?

Nutase:
cac search is conducted by law firms who charge the banks. I can reliably confirm to you that the bank doesn't make a dime in search.
Secondly CAC search is not free. Please get your facts right.

I am aware of this too. But have anyone tried the link OP posted above?

Nutase:
cac search is conducted by law firms who charge the banks. I can reliably confirm to you that the bank doesn't make a dime in search.
Secondly CAC search is not free. Please get your facts right.

I don't know the exact search you are referring to, but from what I know, to search if a company is registered with CAC is free.

routik:


I am aware of this too. But have anyone tried the link OP posted above?

I tried posting the full link but it was truncated. If you visit CAC's official website, the link to search for a company is clearly shown there.

Nutase:
cac search is conducted by law firms who charge the banks. I can reliably confirm to you that the bank doesn't make a dime in search.
Secondly CAC search is not free. Please get your facts right.

Lawyers pays N2000 to CAC and most lawyers charge Banks N4000 or N5000.
Nutase, you are right..

Good afternoon. Friends,

I was charged #9,150 recently for search fee on my small business account in UBA.

I called the bank to enquire and the Customer care Agent said that it is Legal search fee that is always conducted on all Cooperate Accounts.

I could not cry!

Please, is this true?

Dammyode:
Good afternoon. Friends,

I was charged #9,150 recently for search fee on my small business account in UBA.

I called the bank to enquire and the Customer care Agent said that it is Legal search fee that is always conducted on all Cooperate Accounts.

I could not cry!

Please, is this true?

e don finish now. Wetin you want mek we talk again?

Dem don chop, Dem don chop.

Nigeria, na case study

cacmatters:

Lawyers pays N2000 to CAC and most lawyers charge Banks N4000 or N5000.
Nutase, you are right..

I was told by EcoBank today Nov, 5 - 2020
That their lawyer is changing them #7,500 for name search
And I was wandering
1. Why can't Bank do (name) search for free
If EFCC & FIRS does it free to get SCUML & TIN,
2. Why do they need the service of external Lawyer when they have legal department

Lalasticlala please help bring this to front page for lawyers & bankers to throw more light on this

It's a good topic and relevant for research
I got it through Google search and as you can see, it's a 2017 Post
God bless

I was charged around 9500 today by UBA for cooperate search!

I paid 10k and this night, they started removing it!

psucc:
e don finish now. Wetin you want mek we talk again?

Dem don chop, Dem don chop.

Nigeria, na case study

I myself register companies for people through CAC but they said it's a must!

I'm still wondering the essence of getting a lawyer to do a corporate search at an additional cost to the bank Customer when Business names can be validated immediately from the CAC website. It makes no sense.

The search feature has been there on CAC website for years now.

Banks validate BVN, Voters card and driver's license instantly but for Cac certificate that can also be validated instantly we're required to pay #10000.

Another way that banks steal from customers. All the corporate accounts I have, they charged me N5000 for "corporate search". Something they cab easily verify online

lalasticlala, mynd44, dominique

When you opened your business acct in the UBA bank, like how many days did it take for them to open the acct?

Dammyode:
Good afternoon. Friends,

I was charged #9,150 recently for search fee on my small business account in UBA.

I called the bank to enquire and the Customer care Agent said that it is Legal search fee that is always conducted on all Cooperate Accounts.

I could not cry!

Please, is this true?

Banks don't just conduct name search. What they actually do is to validate/authenticate your CAC certificate. Apart from that, they could also be verifying the owners of the business based on what is submitted by customer and CAC's record. Lawyers are the ones engaged to conduct this task.

However, I am also leaning to the bias that the charge is unnecessary. Imagine having a business account in 2 or 3 banks and having to be charged seperately. And this is a common scenario. Banks also validate identity cards such as driver license, nimc, international passport and voters card without a charge. This is made possible by either the id card agency making available her platform for the banks or both establishing an handshake of their systems. This could also be done with CAC. Maybe it's high time this charge is abolished.

I am here in 2021. Debit of 9025 Naira.

Still here in 2021, U.B.A just hit me #9,075

directonpc:
I am here in 2021. Debit of 9025 Naira.

ledgelessons:
Still here in 2021, U.B.A just hit me #9,075

Congrats sha. �

Zenith told me 9,500

Gtbank told me 8,500

I dey sterling Bank like this.... E be things o... This country ehhh

Sterling bank asked me to pay 20k for search. I just remove my shoes, dust them and disappear.

Nutase:
cac search is conducted by law firms who charge the banks. I can reliably confirm to you that the bank doesn't make a dime in search.
Secondly CAC search is not free. Please get your facts right.

It costs only #500. Tell the whole truth.

Baba na same here o. In 2022, I am trying to float business, and dem debit me sharperly.

I thought I was the only one in this scenario.
I was charged 8,500 for search fee, Union Bank.
I wonder why this could not be done on CAC website without been charge .
CBN should look into this .

This link is working

https://post.cac.gov.ng/search/type/all

routik:


I am aware of this too. But have anyone tried the link OP posted above?

It’s free

ican2020:
It’s free

Click view details,enter your details,you would see a remita payment for 5k.

I think that's what banks charge for.

Just this morning UBA charged me #9075 for Corporate search fee.

Banks are just extorting money with force from their corporate customers.

And no one is really doing nothing regarding this.

Just imagine I have to pay similar amount if at all I have multiple corporate accounts with different banks